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The bullish bias on the EURJPY is still valid, although the price is currently experiencing some bearish pull. As long as the price trades above the demand zone of 134.00, the price has the probability of a northward journey.
EURUSD: It would behoove one to seek a short trade in this market, perhaps setting a Buy Limit order at the support line of 1.3750. This is because the bias on the market is bullish, and the Williams’ % Range forage into the oversold area is an excellent opportunity for astute speculators to go long when the price is on sale, and in a context of an uptrend.
USDCHF: The outlook on this pair is similar to that of the EURUSD, albeit it is in an apparent dichotomy to each other. This pair is trying to rally in the context of downtrend – which proffers a nice opportunity to go long. The price may eventually plummet towards the support level of 0.8900.
GBPUSD: The bears have battered the Cable too much; to the extent of putting the recent Bullish outlook in jeopardy. The RSI period 14 is below the level 50, and the price itself is trading below the EMAs. It has closed below them. Therefore, should the EMA 11 cross the EMA 56 to the downside, it would lead to a Bearish Confirmation Pattern on the chart, which would mean that it is no longer sensible to buy long during that phase.
USDJPY: There are mixed signals on this currency instrument and it is thus OK to wait for a clearer signal before one takes a position. Most probably, the market would nosedive, because the indicators on the chart still support a southward possibility in the market.
EURJPY: The bullish bias on the EURJPY is still valid, although the price is currently experiencing some bearish pull. As long as the price trades above the demand zone of 134.00, the price has the probability of a northwards journey.
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